7. The cost of production completed and finished goods during the period amounte

Question

7. The cost of production completed and finished goods during the period amounted to $400.000. and the finished products shipped to customers had total production costs of $337.000. From the following, select the entry to record the transfer of costs from work in process to finished goods: a. Finished Goods b. Finished Goods c. Work in Process d. Work in Process Work in Process Work in Process Finished Goods Finished Goods 337.000 400.000 400.000 337.000 337.000 400.000 400.000 337.000 8. The entry to transfer costs from finished goods to cost of goods sold is a. Finished Goods b. Finished Goods c. Cost of Goods Sold d. Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Finished Goods Finished Goods 400.000 337.000 337.000 400.000 400.000 337.000 337.000 400.000 Questions 9 and 10 pertain to the following data set: The Snow Manufacturing Corporation applies factory overhead to production based upon direct labor hours. At the beginning of the year. it is estimated that factory overhead costs would be $360.000 and that direct labor hours would be 45.000. Actual factory overhead costs incurred were $377.200 and actual direct labor hours were 46.000. What is the predetermined factory overhead rate per direct labor hour? 9. a. $8.00 b. $8.20 c. $8.38 d. $7.83

Explanation / Answer

7. Option B

Finished goods                   400,000

                            Work in process                 400,000

8. Option C

Cost of Goods Sold 337,000
Finished Goods 337,000

9. Option A

$ 360000 / $ 45000 = $ 8

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